Naira Redesign: ACF Warns Buhari Over Disobedience To Supreme Court
Naira Redesign: ACF Warns Buhari Over Disobedience To Supreme Court
The Arewa Consultative Forum (ACF) has warned President Muhammadu Buhari that the continuous disobedience to the Supreme Court judgment regarding the use of the old naira notes could lead to unintended consequences.
The Supreme Court had ordered the recirculation of the old naira notes till December 31, 2023.
In a statement issued by its Secretary-General, Murtala Aliyu, on Sunday, the ACF lamented that the naira redesign policy has led to runaway inflation in food and other commodities.
He said the current approach of the Central Bank of Nigeria (CBN) raises concerns about the respect for the civil liberties and rights of Nigerians as it relates to their freedom to use legitimately earned income as they so wish.
He argued that, “Whatever the CBN or anyone else says about the benefits of the policy, which evidently are many, is of little comfort as soon as the highest court in the country has deemed that it is, or, at least the manner of its implementation, breaches the law.
“Ten days is long enough time for the government to find its way towards complying with a court order which is central to the achievement of peace, order and good governance in the country.
“President Buhari is under oath to defend the constitution of Nigeria. As his long term supporters, it will be remiss of us if we fail to warn that the much touted benefits of the naira redesign can never justify the damage to his credentials as a democrat and a stickler for the rule of law.
“This is quite apart from the real possibility of the crisis morphing into a serious social disorder leading to the possible breakdown of law and order throughout Nigeria. We do not believe nor can we advise him to pay such a heavy price on account of a policy whose immediate goals are not entirely clear to a majority of Nigerians,”
He lamented the huge crowds and long queues formed around bank offices and ATM points across the country “as people struggle to get the new cash which has remained extremely scarce, which has triggered riots and other forms of civil unrest.”
